Context
In December 2022, the Chancellor of the Exchequer announced the Edinburgh Reforms – 31 strands of work following the UK’s departure from the European Union.
Key points to note and next actions Economic Secretary to the Treasury, Bim Afolami MP, provided the Government’s response to the Treasury Committee’s 8 December 2023 report on the progress of the Edinburgh Reforms. In the response, Afolami highlights that reforms to financial services rules should be evidence based, taking views from both industry and wider society, noting that this takes time in order to be carried out correctly.
Further progress to the reforms includes:
- The government laying the Digital Securities Sandbox Regulations on 18 December 2023, putting in place the legislative arrangements for the sandbox.
- The FCA publishing its rules for a UK consolidated tape for bonds on 20 December 2023.
- The government and FCA jointly publishing a consultation on the Advice Guidance Boundary Review on 8 December 2023, setting out proposals to close the advice gap for financial services consumers.
- The government and Bank of England publishing their response to the digital pound consultation on 25 January 2024.